Can’t get HGTV to come stage your home for the market? Have no fear! There are things you can do without spending a lot of money to make your home stand out and sell quicker. Consider the five Cs when putting your house on the market.
Most people would think about the inspection of their home the day before the home inspector is scheduled to arrive. But if you are planning to sell your home it is always good practice to take care of some of the potential issues before you put your house on the market.
Is the banister to the deck and/or the stairs loose? Is there chipping paint on the window frame? If the house was built before 1978, lead-based paint is a concern. And depending on the loan type, it may be a requirement that this be fixed.
Knowledge is king for sure. Part of knowing your market is to know where it begins and ends. Who are you competing with and who is your direct competition?
There are many factors that determine the actual geography. It is a school zone, crime stats, or a highway corridor that folks won’t cross? Is it a school feeder pattern? Sometimes folks, in addition to price, want to limit the search to new or resale. Many times, amenity packages and HOA fees make a difference, along with the lot size and age of the property.
How do you get to know your marketplace? For starters, you should find a Realtor to help you as he or she will know the ins and outs of the marketplace. But even a Realtor can’t read your mind so be sure to check it out yourself.
As a consumer, I’ve often wondered what I should be asking my real estate agent when buying or selling a home. At one point, when I was purchasing my first home, I wondered if I even needed an agent – how hard could it be after all? I did try to purchase a home without agent representation, but the transaction went sideways and fell apart. Did you know that buyers of previously owned homes and buyers aged 18 to 24 were most likely to report using a real estate agent?
The agent that I attempted to use in my first transaction did not meet my expectations. Sure, she was nice enough, but she was not consistent in her communication. In one week, I would hear from her everyday and the next several weeks I heard nothing from her at all. Her schedule was difficult to work around and it always seemed that when I was available to look at homes, she wasn’t. It wasn’t because she was working with other clients, but rather she had very active kids and their sports schedule did not jive with my schedule.
In today’s real estate market, new and unique challenges are facing our clients on their journey to homeownership. When approached correctly, we can often discover success as we overcome hurdles during the journey. My parents used to tell me to always look at your mistakes as an opportunity to learn. In other words, you need to get caught up in the experience so it doesn’t happen to you again. Those words have stuck with me, especially when it comes to my job. We are living during a period where there are many uncertainties, but those uncertainties give us an opportunity to learn from any and all mistakes we may make as we navigate through this unchartered terrain.
One of the most noticeable challenges I have noticed is transactions that aren’t closing on time. Here are the top 3 reasons transactions don’t close in today’s real estate market:
“You have been declined for the mortgage loan”….
This is the #1 reason a buyer doesn’t get their dream home – they were declined for the mortgage.
Solution = get PRE-APPROVED, NOT pre-qualified. The mortgage process is changing and getting more restrictive in today’s economy. Buyers who apply for the loan process before finding the home have a much higher success rate. This way the only contingency to complete is the appraisal process.
“The property didn’t appraise”….
When you read that sentence you may have thought that the reason a home doesn’t appraise is due to price. Well, you might be surprised to know that the reason a home does not sell is due to property condition and/or repairs which is a direct reflection on today’s appraisal process. New appraisal standards not only note the value of the property, they also note many condition issues. The appraisal process is now very similar to the inspection process. Trying to sell “as-is” is no longer passing the appraisal process.
So you’ve hired the Allen Tate Company to sell your home. Your trusted Allen Tate REALTOR®, suggested an initial market position of $XXX,XXX. Three weeks have passed, and now more competition has popped up, adding to the number of unsold homes nearby. When do you know it’s time to adjust your initial price to get your home sold?
This is one example of the importance of having a trusted advisor on your side. Your Allen Tate REALTOR®, can help you analyze your current situation and develop a strategy. It’s not a simple matter, and it requires revisiting the decisions that were made when your home first entered the market. That initial market position was determined in collaboration with your agent. It was likely based on the number of unsold properties that existed at that time, among other factors. But as the market changes, the need may arise to move away from that “initial” position to something more compelling.
I am Italian so naturally, I come from a large family where entertaining is as essential as breathing. Living in an older home that was less than 1000 square feet made that challenging. With a living room that measured 11X16, only four people could comfortably be in the house at one time, which was a fact I was just unwilling to accept.
One cost effective way to add living space to your home is to create an outdoor living space. While some higher end spaces may have kitchens and fireplaces, creating a simple comfortable sitting area can add the space and value you need at very little cost.